RAKKENES TO STEP DOWN FROM ACL AT END OF 2002
Olav Rakkenes, chief executive officer of Atlantic Container Line and one of the best known figures in liner shipping, will step down at the end of 2002.
Rakkenes said the move was planned long before Grimaldi's takeover of ACL. He has been CEO of ACL since 1990.
Andrew J. Abbott, chief operating officer, will be promoted to CEO, also at the end of 2002.
Dan Axel Rosen will be replaced as chief financial officer of the company.
Rakkenes said he plans to become a non-executive director of ACL.